Uncommon Core 2.0 is a crypto research podcast. This show goes beyond speculation and investing, looking deeper. We explore the fundamental technology and incentives that make public blockchains work under the hood. This show is co-hosted by Hasu and Jon Charbonneau. They’ll be joined by occasional guests, speaking with some of the incredible builders and researchers who are looking to evolve this infrastructure stack to make the mass adoption of crypto possible.
Hasu and Jon bring on Robert Miller from Flashbots.
They have a wide-ranging conversation including Ethereum’s roadmap, L1 vs. L2, convergent architectures across chains, and differences vs. Solana. They also discuss how Flashbots’ newest products (Rollup-Boost and BuilderNet) address MEV.
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Timestamps:
(00:00) Intro
(02:07) Ethereum's Rollup-Centric Roadmap
(07:21) Ethereum L1's Role
(16:47) We're All Building the Same Thing
(23:53) L2 Innovation
(28:13) Solana & Ethereum MEV
(47:48) MCP vs. MCB
(55:56) Rollup-Boost
(01:19:41) BuilderNet
(01:53:19) Closing Thoughts
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Twitter:
Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Robert Miller - https://twitter.com/bertcmiller
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Asset Management, LLC (“DBA”) or its affiliates. The “DBA Asset Management, LLC” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
22 Mar 2024
Ethereum’s Staking Endgame
Hasu and Jon bring on Ansgar and Caspar from the Ethereum Foundation to discuss the ETH staking endgame.
Ansgar and Caspar recently published two controversial research posts which included a proposal to change Ethereum’s issuance curve. They are concerned that the current ETH staking economics could lead to nearly 100% of ETH being staked, with much of that in LSTs. They propose reducing issuance and targeting a lower stake rate.
We go deep in this episode on PoS economics, liquid staking, restaking, economic security, centralization concerns, and much more.
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Timestamps:
(00:00) Intro
(00:25) Possible Changes to ETH Staking?
(00:49) Overview of Current ETH Staking
(16:32) LSTs & Staking Rate Increasing
(21:36) Nominal vs Real Yield
(23:22) Tax Implications of Staking
(27:57) Staking Demand & External Revenue
(35:33) Stake Ratio Targeting
(36:21) Is 100% Staking Bad?
(40:05) Can ETH LSTs be Money?
(55:24) Would Any Changes Make a Difference?
(01:04:05) Stake Targeting
(01:10:20) Will Targeting Centralize Validators?
(01:22:53) Fiat Money Parallels
(01:25:16) MEV & Restaking Revenue
(01:30:52) Electra Proposal to Change Issuance
(01:46:01) Security Budget & Economic Security
(01:53:40) Validator Set Quality
(01:55:10) Incentives to Maximize Validator Decentralization
(02:19:00) PoS vs PoW Political Complexity
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Twitter:
Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ansgar - https://twitter.com/adietrichs
Caspar - https://twitter.com/casparschwa
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Referenced Materials:
Endgame Staking Economics: A Case for Targeting - https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751
Electra: Issuance Curve Adjustment Proposal - https://ethereum-magicians.org/t/electra-issuance-curve-adjustment-proposal/18825
Properties of issuance level: consensus incentives and variability across potential reward curves - https://ethresear.ch/t/properties-of-issuance-level-consensus-incentives-and-variability-across-potential-reward-curves/18448
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
7 Dec 2023
SVM vs EVM
Hasu and Jon catchup on what’s new in the EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine) worlds.
For the EVM, Ethereum has pushed vertical scaling efforts to other chains. This includes Monad, who is building a new EVM L1 with fundamental optimizations to improve scalability.
For the SVM, the Solana ecosystem continues to gain momentum across the board. Meanwhile, Eclipse is gearing up to launch their SVM Ethereum L2.
DBA is an investor in Eclipse Laboratories, Inc. and SOL. Jon has material personal investments in SOL, JitoSOL, ETH, stETH, and TIA. Hasu has material personal investments in ETH and Monad.
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Timestamps:
(00:00) Intro
(00:25) Catch up
(00:56) VM Performance Improvements
(02:32) Solana & Eclipse
(04:26) DA vs Execution Bottlenecks
(05:53) Rollups & Parallel Execution
(07:10) Breakpoint
(08:29) Solana & Eclipse – Competitive or Complementary?
(12:48) Ethereum & Solana Funds
(13:33) DBA Research Club
(15:01) What is a VM?
(16:33) Optimistic Parallel Execution vs. Access Lists
(23:45) Solana Resource Pricing
(25:03) Local Fee Markets
(30:48) Liveness Failures
(31:58) A Bottleneck vs. *The* Bottleneck
(35:39) State Growth
(41:29) Weak Statelessness
(45:33) State Expiry & State Rent
(51:10) Solana Un-merklizes State
(51:55) Client Level Optimizations
(53:45) Optimizations for New vs. Old Chains
(57:17) Will Everyone Converge?
(01:00:36) Outro
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ethereum - https://twitter.com/ethereum
Solana - https://twitter.com/solana
Eclipse - https://twitter.com/EclipseFND
Monad - https://twitter.com/monad_xyz
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
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